Sports Latest
The latest UK & World sports news from the Press Association
Usmanov ups Gunners stake
10:45, Dec 11 2009
Russia-based Alisher Usmanov's Red & White Holdings group have increased their stake in Arsenal to 26.07%.
American Stan Kroenke, however, remains the largest individual shareholder in the Barclays Premier League club, last month moving a small step closer to the takeover threshold when buying another 10 shares to move to 29.9%.
Under the strict financial rules of the City, were anyone to cross the 29.99% takeover threshold, they he would be obliged to make a formal offer for the remainder of the shares at the highest price paid for stock during the past 12 months.
However, shareholders would not be forced to sell, and so after the offer had been made, if the party were not able to reach 50%, then they could not return to make another takeover offer for 12 months, unless invited to do so by the company.
It has been suggested the continued investment by Kroenke - who is already an Arsenal director - is designed to fend off possible aggressive moves by Usmanov.
Lady Nina Bracewell-Smith, who left the board during December last year, could well hold the balance of power with her family's 15.9% stake - which if sold to either Kroenke or Usmanov would push them well past the takeover threshold.
While, as one of the largest shareholders in the club, Arsenal continue to have positive dialogue with Red & White Holdings, earlier this year the board turned down Usmanov's proposed rights issue to generate new cash, in favour of the status quo which sees the Emirates Stadium club remain self-financing.
Usmanov had argued the scheme would help to reduce both the long-term debt of some £400million, which is mainly associated with the new stadium, and also hand manager Arsene Wenger extra transfer funds.
In September, the Gunners' parent holding company revealed an increase in turnover to £313.3million and a record profit after tax of £35.2million from results for the year ending May 31.
Westwood takes lead in Dubai 14:45, Feb 11 2012
Rory McIlroy and Thomas Bjorn opened the door to the chasing pack at the Omega Dubai Desert Classic - and Lee Westwood was only too happy to walk in as he shot a five-under-par 67 to take a one-stroke lead into the final round. more
Weir determined to take chance 13:45, Feb 11 2012
Gallus is a fine Glaswegian word to describe Duncan Weir, who hopes to make his Scotland debut in Sunday's RBS 6 Nations clash with Wales in Cardiff. more
All or nothing for Halfpenny 13:45, Feb 11 2012
Leigh Halfpenny readily admits that goalkicking is a "hero or zero" occupation. more
Suarez and Evra handshake clash 13:45, Feb 11 2012
Liverpool striker Luis Suarez embroiled himself in another confrontation with Patrice Evra after refusing to shake the hand of the Manchester United defender prior to kick-off at Old Trafford. more
Capello: I did not 'escape' England 12:45, Feb 11 2012
Fabio Capello has denied he was "escaping" by resigning from the England manager's post and claimed "there are times in which you decide to leave". more
Redknapp 'would consider' England 12:45, Feb 11 2012
Harry Redknapp admits he would consider taking the England manager's job but insists he will not be able to combine the role with his current position as Tottenham boss. more
Suarez to start United clash 12:45, Feb 11 2012
Luis Suarez was named in the Liverpool starting line-up for today's Premier League encounter with Manchester United at Old Trafford. more
Robshaw keen to prolong captaincy 08:45, Feb 11 2012
Chris Robshaw wants to keep hold of the England captaincy on a long-term basis - and against Italy on Saturday night he will go out and prove it. more
Khan out for revenge 07:45, Feb 11 2012
Amir Khan has declared his intention to avenge his defeat by Lamont Peterson when the two meet for a rematch in Las Vegas in May. more
Dernbach backs England to come good 07:45, Feb 11 2012
Jade Dernbach is confident England will prove they have learned some hard lessons this winter once their one-day international series against Pakistan gets under way. more
More injury woe for Fourie 07:45, Feb 11 2012
Sale Sharks and England flanker Hendre Fourie looks set for another spell on the sidelines after injuring his shoulder against Worcester Warriors. more
Simmons: We froze in spotlight 06:45, Feb 11 2012
St Helens coach Royce Simmons claimed his players suffered from stage fright as they stuttered to a 38-10 victory over Salford in the first Stobart Super League match at their new £30million Langtree Park stadium. more
